Paradyne Networks Announces Texas Pacific Group Sale of 11 Million Paradyne Shares.Business Editors/High-Tech Writers LARGO, Fla.--(BUSINESS WIRE)--Feb. 13, 2004 Paradyne Networks, Inc. (Nasdaq:PDYN), a leading provider of broadband voice, data and video network access solutions, today announced the sale by funds affiliated with the Texas Pacific Group (TPG TPG Texas Pacific Group TPG Tapping TPG Transports Publics Genevois (Geneva, Switzerland public transportation) TPG Test Pattern Generator TPG TNT Post Group TPG Trésorier Payeur Général ) of approximately 11 million shares of Paradyne common stock, representing all of TPG's ownership in Paradyne. The transaction by TPG was made pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . acted as agent in connection with the sale. Paradyne will not receive any of the proceeds from TPG's disposition, and this transaction does not affect the number of Paradyne shares issued and outstanding. "Paradyne has enjoyed a longstanding relationship with the Texas Pacific Group, and we remain grateful for their insight into our technology and support of our vision to change the shape of voice and data communications," said Sean Belanger, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Paradyne. "The stock sale they have undertaken is a natural follow-on to the registration of their shares in an S-3 filing S-3 Filing The most simplified registration form. It can only be used by companies that have been required to report under the '34 Act for a minimum of twelve months and have met the timely filing requirements set forth under Form S-2. made last month. We are encouraged by the diversified institutional base that has taken direct ownership in Paradyne, and we view this increase in the liquidity in our common stock as a positive move for Paradyne shareholders." About Paradyne Paradyne is a leading developer of carrier-class, high-speed network access solutions for broadband voice, data and video. A recognized market leader in digital subscriber line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and (DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary ), service level management (SLM See service level management system and spatial light modulator. ), and Broadband Voice and Media Gateway solutions, Paradyne markets its award-winning GranDSLAM(R) and BitStorm(TM) DSL systems, ReachDSL and EtherLoop(TM) products, Jetstream(TM) Media Gateway systems and iMarc/FrameSaver Service Level Management systems to service providers and business customers worldwide. More information may be obtained by visiting http://www.paradyne.com or by calling +1-727-530-8623. Information about Forward-Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and are made based on management's current expectations and beliefs as well as on assumptions made by, and information currently available to, management. Among the factors that could cause actual future events to differ materially include: the uncertainty regarding the acceptance of new telecommunications services based on DSL technology; reduction or discontinuation dis·con·tin·u·a·tion n. A cessation; a discontinuance. Noun 1. discontinuation - the act of discontinuing or breaking off; an interruption (temporary or permanent) discontinuance of purchase of our products by NSPs; the failure of NSPs to incorporate our products into their infrastructure; the possibility that Paradyne's competitors may develop competing products that are superior in terms of quality, cost or both. For a detailed discussion of other risk factors that could affect Paradyne's business, please refer to the risks identified in Paradyne's Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. , dated January 20, 2004, and in Paradyne's other filings with the Securities and Exchange Commission. Editors Note: BitStorm, EtherLoop, iMarc, GranDSLAM, and ReachDSL are trademarks of Paradyne Corporation. FrameSaver, Hotwire, Paradyne, and the Paradyne are registered trademarks of Paradyne Corporation. All other service marks and trademarks are the property of their respective owners. |
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